What is the tax audit turnover limit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 June 2018
Dears
what is the tax audit turnover limit for partnership firms for the F.Y 2017-2018 and
turnover means it is INCLUSIVE of TAXES or EXCLUSIVE of TAXES.Please clarify.
thanks in advance
suri
what is the tax audit turnover limit for partnership firms for the F.Y 2017-2018 and
turnover means it is INCLUSIVE of TAXES or EXCLUSIVE of TAXES.Please clarify.
thanks in advance
suri
15 June 2018
Tax audit limit u/s 44AB Rs. 1 crore...
In case the assessee opt u/s 44AD (eligible business) then they can avail upto Rs. 2 cr. Above Rs. 2Cr Tax Audit is mandatory to all cases...
In 44AD :
If the firm is declare his profit 8% and above then no need Tax audit as per above T/O value. In case they will declare less than 8% then Tax Audit applicable...
In case the assessee opt u/s 44AD (eligible business) then they can avail upto Rs. 2 cr. Above Rs. 2Cr Tax Audit is mandatory to all cases...
In 44AD :
If the firm is declare his profit 8% and above then no need Tax audit as per above T/O value. In case they will declare less than 8% then Tax Audit applicable...
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2018
thank you sir but 1 cr TURNOVER MEANS IS IT INCLUSIVE OF TAX OR EXCLUSIVE OF TAX ?
please clarify.
please clarify.
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